Fiscal Compliance Sample Clauses
The Fiscal Compliance clause requires parties to adhere to all applicable tax laws and financial regulations in relation to the agreement. This typically means each party must ensure proper reporting, payment of taxes, and maintenance of accurate financial records for transactions under the contract. By including this clause, the agreement helps prevent legal or financial penalties due to non-compliance and clarifies each party’s responsibility for their own fiscal obligations.
Fiscal Compliance a) Request for Reimbursement (RFRs) shall be submitted to City by the 15th calendar day of the month following the month during which services were provided, or the first business day thereafter, using a template provided by City. Contractor shall provide supporting documentation, including:
1. Invoices and/or receipts;
2. Check registers;
3. Payroll registries; and
4. Detailed general ledger reports
b) If Contractor provides any tasks, deliverables, goods, services, or other work, other than as specified in this Agreement, the same will be deemed to be a gratuitous effort on the part of the Contractor.
Fiscal Compliance. R2R has a core team focused on peer-reviewed and defined research and broader engagement activities. All team members must ensure that all expenditures align with the merit-reviewed proposal, NSF-accepted strategic plan, and award terms and conditions. This fiscal responsibility includes expenditures incurred as cost match (20% required), whether these are ‘real dollar’ expenditures or in-kind support. The cost-share or match must come from non-federal sources. Cost-sharing reports must be submitted on an annual basis to our NSF Program Officer. We must maintain records of all project costs that are recorded as cost-sharing. We must also submit an Annual Report to report all expenditures and obligated funds. NSF requires VI-EPSCoR to submit a spending plan with a timeline for non-obligated funds upon submission of the annual report. The spending plan must be approved by our Office of Sponsored Programs and submitted to our NSF Program Officer for approval of carry-over funding. As long as project outcomes and success per NSF oversight are sustained, annual subawards and individual research component budgets developed as part of the proposal can be relied on over the five-year award. (Note that the R2R project is a cooperative agreement, and any NSF-directed changes to the project scope of work may result in changes in individual investigator annual budgets.) This commitment to maintain individual research component budgets and focus on a small team requires a fiscally collaborative culture. Each awardee needs to be realistic with annual expenditures and open to sharing resources when not needed. Throughout the grant cycle, the VI-EPSCoR Administrative Team provides each research area with an update on spending on a monthly basis. We have to report project spending to NSF at a high level of detail, including how funds link to specific project work. Transparency and ongoing communication with the Management Team (Program Director, Assistant Director, and Budget Manager) and about how award funds are used and about projected spending is required for every funded participant on the project. R2R’s Budget Manager conducts bi-weekly reconciliations and works very closely with our Grant Accountant to ensure expenditures are accurate and to request financial reports.
Fiscal Compliance. Number of Financial Change Orders _
Fiscal Compliance
Fiscal Compliance